Numerous machines and systems, such as automobile engines and machines used in manufacturing and processing operations rely on use of lubricants and oils for carrying out proper function. Lubricants and oils generally behave like weak electrolytes; and as a result their electrical properties can be measured, and changes in electrical properties can reflect changes in chemistry. Conventional systems do not monitor the actual properties of the fluid being employed while the systems are in operation. Typically, the fluids are either routinely changed at preset intervals or samples of the fluids are extracted, sent for chemical analysis; and depending on the outcome, the fluids are changed. While such an approach is generally acceptable, this prior art methodology results in (1) premature fluid change which is very wasteful and costly and (2) delayed fluid changes which can culminate in disastrous results and at least cause low efficiency operation or unnecessary damage to a motor, machine or system. Some monitoring systems do exist but are of low sensitivity or too expensive to use.